LLC recorded financial transactions, based on the accrual basis of accounting, for the month of July Year 1, their second month of operations, as follows: o On July 1, the LLC showed Cash of $10, Accounts Payable of $20, Common Stock of $30 and Retained Earnings of $40. o On July 8, the LLC issued common stock in exchange for $50 cash from a stockholder. o On July 11, the LLC borrowed $60 from a creditor and executed a note payable with the principal and interest to be due and paid in one year. o On July 11, the LLC purchased $70 of equipment for cash. o On July 13, the LLC rendered service to a client and received $80 in cash. o On July 15, the LLC incurred a repair expense of $90 and promised to pay the repair contractor the following month. o On July 28, the LLC rendered service to a new client in the amount of $100 on account, as the client promised to pay the following month. o On July 31, the LLC declared and distributed cash dividends of $110. LLP's Retained Earnings on July 31, Year 1 is: $ __